LONDON, March 22 (Reuters) – More Nigerian programmes for May loading emerged on Friday, indicating a drop in exports for four major grades compared with April. Angolan cargoes from April had almost cleared. There was little spot or tender activity.
* The Bonny Light stream will export about 184,000 barrels per day in May, versus 242,000 bpd in April, while the Bonga stream will load 153,000 bpd in May, down from 190,000 bpd.
* One of the largest streams, and Nigeria’s newest, Egina – which Nigeria classes as condensate and not crude – will export around 220,000 bpd.
* April loading programmes are continuing to clear and about 20 remain.
* An overhaul is set to begin on Nigeria’s top refinery at Port Harcourt, with an intial phase lasting six months.
* Around 1 or 2 cargoes remain from April
* Traders said Angolan crude traded well, but cargoes cleared more quickly earlier in the year on higher Asian demand.
* Budgetary needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded.
Reporting by Noah Browning, editing by Louise Heavens